SHANGHAI, Jun 8 (SMM) – Offers of spot copper cathode fell to discounts on the morning of Monday June 8 as a continued rally in copper futures sidelined downstream consumers while sellers remained keen to destock.
Amid sluggish trades and ample supplies in the market, sellers cut offers to a discount of 20-10 yuan/mt for standard-grade copper, against the SHFE June contract. Offers of high-grade copper fell to a discount of 10 yuan/mt. These compared with premiums as high as 20 yuan/mt in early trades this morning.
Quotes of hydro-copper declined to a discount of 60 yuan/mt as of noon, from a discount of 40 yuan/mt earlier this morning.
Traders and speculative buyers sought to purchase at a greater discount following the increase in copper futures, and downstream consumers took a wait-and-watch stance about prices.
The SHFE June copper contract followed its LME counterpart higher on Monday and gained more than 700 yuan/mt, ending the morning trading hours 1.55% higher on the day at 45,790 yuan/mt.
As of noon on June 8, trades of high-grade copper occurred at 45,650-45,780 yuan/mt with standard-quality copper trading at 45,640-45,770 yuan/mt.
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